Podcast
Questions and Answers
What was the aim of IASB in establishing accounting standards for the insurance industry?
What was the aim of IASB in establishing accounting standards for the insurance industry?
- To standardize premium rates across all insurance companies
- To exclude insurance contracts from international financial reporting standards
- To align accounting practices for insurance with other sectors
- To facilitate understanding of insurers’ financial statements (correct)
When was the Pradhan Mantri Fasal Bima Yojana (Prime Minister’s Crop Insurance Scheme) launched?
When was the Pradhan Mantri Fasal Bima Yojana (Prime Minister’s Crop Insurance Scheme) launched?
- 18 February 2017
- 18 February 2016 (correct)
- 18 February 2018
- 18 February 2015
What is the uniform premium percentage paid by farmers for Kharif crops under the Pradhan Mantri Fasal Bima Yojana?
What is the uniform premium percentage paid by farmers for Kharif crops under the Pradhan Mantri Fasal Bima Yojana?
- 1.5%
- 5%
- 3%
- 2% (correct)
Why were insurance contracts excluded from the scope of international financial reporting standards?
Why were insurance contracts excluded from the scope of international financial reporting standards?
What did Prime Minister Narendra Modi launch on 18 February 2016?
What did Prime Minister Narendra Modi launch on 18 February 2016?
Insurance contracts were included in the scope of international financial reporting standards before the IASB's proposal
Insurance contracts were included in the scope of international financial reporting standards before the IASB's proposal
The Pradhan Mantri Fasal Bima Yojana offers a uniform premium of 2% for all types of crops
The Pradhan Mantri Fasal Bima Yojana offers a uniform premium of 2% for all types of crops
The aim of the IASB in establishing accounting standards for the insurance industry is to complicate the understanding of insurers' financial statements
The aim of the IASB in establishing accounting standards for the insurance industry is to complicate the understanding of insurers' financial statements
Accounting practices for insurance are similar to those in noninsurance financial services and nonfinancial businesses
Accounting practices for insurance are similar to those in noninsurance financial services and nonfinancial businesses
The premium for annual commercial and horticultural crops under the Pradhan Mantri Fasal Bima Yojana is 3%
The premium for annual commercial and horticultural crops under the Pradhan Mantri Fasal Bima Yojana is 3%
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